How to Transfer Funds through Immediate Payment Service IMPS SBI

Immediate Payment Service IMPS SBI: The Immediate Payment Service (IMPS) is one of the electronic funds transfer systems of India. It is started in 22nd November 2010.

 Immediate Payment Service IMPS SBIThe IMPS offers an interbank electronic fund transfer service through mobile phones. It provides instant, 24X7 fund transfer services through mobile phones. 

The IMPS is a nice tool to transfer money instantly within banks across India through mobile, internet and ATM. The IMPS transactions can be sent and received at any time and any day. It is not only safe but also economical both in financial and non financial perspectives. 

To Remit Money Using IMPS through Online SBI:

  • In order to remit money using Immediate Payment Service, the customer needs to log on to the official website of State Bank of India. Then they should go to the Visit 'Profile' section. 
  • After that, click on Manage Beneficiary button.
  • Then the customer should select the 'IMPS Beneficiary' and add the details for the beneficiary.
  • The customer needs to add the details such as name of the beneficiary, account number of the beneficiary, IFS Code of the beneficiary bank for remittance of money from Person to Account. 
  • The details required for remittance of money from person to person are Mobile Money Identification Number (MMID) of the beneficiary, mobile number of the beneficiary, name of the beneficiary. Upon adding the details of the beneficiary.
  • The customer will receive the OTP (one time password) on the registered mobile number. 
  • Then the customer needs to approve the beneficiary using OTP (one time password) which is received on their registered mobile number.
  • All registered users of Online SBI have the facility to use Immediate Payment Service facility for one or more accounts. 
  • The customer can add and approve only one beneficiary in a day and it will be activated by the internet banking system within 4 hours, if the beneficiary is approved by the customer during the period from 6.00 AM to 8.00 PM. 
  • The beneficiary approved after 8.00 PM will be activated on the next day after 8.00 AM. The funds can be transferred to the new beneficiary only after its activation. 
  • The customer can remit a maximum amount of Rs. 10000 on the first day of activation. During the first 5 days after activation, the customer can transfer a total sum of Rs. 50,000 to a new beneficiary if activated by the system.
  • Upon Adding the Beneficiary the Customer should visit Payment or Transfer section and then they need to click on IMPS fund transfer. 
  • Then the customer should select 'Person to Person' if the beneficiary has been added as IMPS Beneficiary or 'Person to Account' if the beneficiary has been added as Interbank Beneficiary.
  • Then enter the amount that the customer wants to remit. Then approve the transaction using OTP (one time password) received on the registered mobile number.
  • In order to initiate a fund transfer the customer should have sufficient account balance. The funds will be credited into the beneficiary account immediately after the remittance.
How to Transfer Funds through Immediate Payment Service IMPS SBI How to Transfer Funds through Immediate Payment Service IMPS SBI Reviewed by amara sangati for Rating: 5